MIslamic Becomes the First Full Member of the Islamic Finance Association of Kyrgyzstan

MIslamic has officially joined the Islamic Finance Association of Kyrgyzstan as a full member. The signing ceremony took place in Bishkek on June 15. The agreement was signed by MBANK First Deputy Chairman of the Management Board Kairatbek Suranaev and Chairman of the Islamic Finance Association Talant Kerimbaev. Previously, the financial institution participated in the association's activities as an associate member.

As a full member of the Association, MBANK plans to further develop Islamic banking. According to Kairatbek Suranaev, membership in the Association will help strengthen public trust in Islamic financial products.

“Islamic finance is inherently more resilient to crises because it is based on the principles of fairness and careful risk assessment. Our goal is to make these services simple and accessible to everyone,” he noted.

The Association fully supports these objectives.

“Today's signing plays a significant role for our Association and for the entire professional market that is currently taking shape. We are entering into an agreement with one of the country's largest commercial banks. Today, MBANK holds a leading position and is effectively the driving force behind Islamic finance in Kyrgyzstan. This is a very important and joyful event for us, and I am confident it will bring excellent results. I would also like to express my sincere gratitude to the bank's management and team for their strategic vision: they see opportunities where others do not yet notice them. This is truly valuable,” said Talant Kerimbaev.

Immediate Goals and Objectives

In the near future, the Association and the bank will focus on educational projects and attracting capital from Malaysia, London, and the Gulf countries.

“China has already shown interest in the region: experts from the People's Republic of China plan to thoroughly study the local experience of Islamic banking. At the same time, work will continue on adapting Sharia standards to national legislation and developing Islamic insurance. Special attention will be given to supporting entrepreneurs,” Talant Kerimbaev explained.

According to him, businesses today greatly need support based on Islamic principles. That is why one of the Association's priorities is establishing close and constructive dialogue with the business community. Participants of the meeting believe that these measures will not only simplify access to services but also significantly increase public confidence in the financial system.

Expanding Internationally

The Association has already moved beyond the national market. One of its key initiatives was the establishment of the International Alliance for Islamic Finance, bringing together neighboring countries.

“In May, we signed a memorandum in Astana on the creation of an International Alliance between professional associations from Kyrgyzstan, Kazakhstan, and Uzbekistan. We have been promoting this idea since last year, and now colleagues from Russia and Tajikistan are planning to join us,” the head of the Association said.

According to him, Kyrgyzstan should develop its own path rather than blindly copying foreign experience.

“It is important for us to build our own model. Once all agreements are fully finalized, the Kyrgyz model of Islamic finance development will begin spreading across the Eurasian region. In this process, MBANK, as the first bank in the Association, will play a key role,” he emphasized.

Background

The Islamic Finance Association has been operating since 2013, but entered an active phase in 2025 after establishing close cooperation with the National Bank and the Government of the Kyrgyz Republic. Today, the organization includes more than 10 companies, and three additional banks are expected to join in the near future, allowing it to cover up to 90% of the sector.

It is worth noting that cooperation between MIslamic and the Association began in June 2025. The current upgrade to full membership confirms the bank's leading position in the sector and its readiness to contribute to building a sustainable financial system in the country.

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